The Reserve Bank of Zimbabwe plans to introduce a gold-backed digital currency that will be used as legal tender in the country in an attempt to stabilize the local currency, which has been depreciating against the US dollar. Small amounts of Zimbabwean dollars can be exchanged for the digital gold token, which would allow more Zimbabweans to hedge against currency volatility. The country has struggled with currency volatility and inflation for over a decade. The adoption of cryptocurrencies has grown in many African countries due to economic challenges, with the Middle East and North Africa experiencing the fastest growth in crypto adoption due to cross-border remittances.

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